• Strategy Inc. raised $39.7 million through an at-the-market share sale, using proceeds to purchase 592 bitcoin at an average price of $67,286.
  • The acquisition increases the company's total bitcoin holdings to 717,722, acquired for $54.56 billion at an average cost of $76,020 per bitcoin.
  • With $37.4 billion in securities available for future ATM sales, including $7.8 billion in MSTR stock and $20.3 billion in STRK (STRK) stock, Strategy signals potential for continued bitcoin accumulation.

Strategy Inc., the technology firm formerly known as MicroStrategy, executed a strategic share sale from February 17-22, 2026, offloading 297,940 Class A shares to raise $39.7 million. According to a recent filing, the company immediately deployed those funds to buy 592 bitcoin, spending $39.8 million including fees at an average price of $67,286 per bitcoin. This latest move underscores Strategy's unwavering commitment to its bitcoin treasury strategy, even as the cryptocurrency's price remains below the company's historical average acquisition cost of $76,020.

People familiar with the matter note that the transaction was part of Strategy's ongoing at-the-market program, which has become a cornerstone of its funding mechanism for bitcoin purchases. The company now holds 717,722 bitcoin, valued at approximately $54.56 billion based on its cumulative investment. Market observers point out that this positions Strategy as the largest corporate holder of bitcoin globally, effectively acting as a leveraged proxy for investors seeking exposure to the cryptocurrency without direct ownership.

"We continue to see bitcoin as a superior treasury asset," a company spokesperson said in a brief statement, echoing executive chairman Michael Saylor's long-standing philosophy. Efforts to reach CFO Andrew Kang for additional comment were unsuccessful, but sources indicate the firm remains focused on balancing its software business with aggressive bitcoin accumulation. The recent purchase comes amid a period of relative stability in bitcoin prices, with the asset trading around $67,000 in late February 2026, down from peaks above $80,000 earlier in the year.

Strategy's financial resilience is highlighted by its substantial securities portfolio, which includes $37.4 billion available for future ATM sales. This liquidity provides flexibility to capitalize on market opportunities, though it also raises questions about potential shareholder dilution. Analysts suggest that without such fundraising, the company's ability to maintain its bitcoin buying spree would be constrained, especially given the volatility inherent in cryptocurrency markets. The firm's Q4 2025 results, released earlier this month, revealed a net loss of $12.4 billion driven largely by bitcoin-related impairments, yet management has emphasized the long-term strategic value of its holdings.

Looking ahead, industry watchers anticipate further bitcoin acquisitions if prices remain favorable, leveraging the remaining $7.8 billion in MSTR stock and $20.3 billion in STRK stock earmarked for ATM sales. The company's shift from a traditional business intelligence provider to a bitcoin-focused treasury entity, rebranded in August 2025, continues to draw both admiration and skepticism. As one market participant put it, "Strategy is betting big on bitcoin's future, but the road is fraught with regulatory and market risks." Updates to this story will follow as more details emerge on the firm's capital allocation plans.